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Delphi Real Estate
36 Garth Road
Scarsdale NY 10583
Phone: 914 723-8520
        800-255-6179
Fax: 914 723-8541
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2008 Delphi Real Estate

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Revised first-time home buyer tax credit

Amount of Credit: Maximum credit amount increased to $8,000

Eligible Property: Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence

Refundable: Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.

Income Limit: Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out about those caps ($95,000 and $170,000)

First-Time Home Buyer Only: Purchaser and purchaser's spouse may not have owned a principal residence in 3 years previous to purchase.

Revenue Bond Financing: Purchasers who utilize revenue bond financing can use credit

Repayment: No repayment for purchases on or after January 1, 2009 and before December 1, 2009

Recapture: If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009

Termination: December 1, 2009

Effective Date: All revisions are effective as of January 1, 2009

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